Coty Inc. and OPI Products Inc. have announced Coty has entered into an agreement to acquire OPI. The acquisition was previously reported by GCI magazine, and it is set to enhance Coty's color cosmetic portfolio, through the addition of more than 200 fashion-forward colors of OPI Nail Lacquer's chip-resistant formula, which has been an international success.

"We view the acquisition of OPI as complementary to Coty and a natural extension of our strategy to offer a unique portfolio of brands that produce some of the best known consumer products around the world," said Bernd Beetz, CEO, Coty Inc. "OPI is both dynamic and high quality and has earned its place as a leading provider to professional nail care salons. This acquisition will allow Coty to expand our presence in the nail care category via an important new channel of distribution—professional salons—and importantly will offer an even greater selection of products and choice to consumers."

"We are very excited about having OPI join the Coty family. OPI has gained a place in consumer's minds in the U.S. and internationally," said Renato Semerari, president, Coty Beauty. "It is one of the fashion brands in nail color for salons and that is a very unique position to be in. OPI's success is the result of a very focused and high quality effort by the OPI team over the past decades. We are very excited to join forces with such a talented team to strengthen OPI even further in the future."

"It's time for a new era at OPI, and together with Coty we can begin this new journey," said George Schaeffer, president and CEO of OPI Products Inc. "For almost 30 years, we have built a solid foundation of innovation and excellence. We are confident that by joining Coty, this legacy will continue and be strengthened. We are all excited about the next phase of opportunity for OPI. Our management team will continue on with the company and OPI's business strategy will remain focused on the salon professional."

"OPI has a reputation for creating fashion-forward products that make women feel beautiful and Coty is a well-established trend setter in the beauty industry," said Suzi Weiss-Fischmann, the executive VP and artistic director of OPI Products, Inc. "Together we will continue to push the envelope in beauty, color and trends."

Financial terms of the transaction were not disclosed. The transaction is also subject to customary regulatory approvals.